Matthew Newham, investment director for wholesale business at Standard Life Investments, said that "We are delighted with Alpha Fund Managers' allocation to ARGBS. This recognises the differentiation that an unconstrained fixed income fund with a focus on absolute returns can provide for investors seeking diversification and predictable returns.

"The ARGBS fund aims to return cash of 3 per cent per annum over rolling three-year periods, with as little volatility as possible. It has the most compelling macro investment opportunities to diversify returns and sources of returns," he said.